SunEdison Semiconductor Limited (NASDAQ:SEMI) ("SunEdison
Semiconductor" or the “Company”) today reported financial results
for the third quarter ended September 30, 2015.
Summary:
- Gross margin percentage remained flat sequentially despite
lower revenue
- Cash position grew $12.2 million sequentially
- Silicon-on-insulator (SOI) revenue grew for the 4th consecutive
quarter
Results Review
Net sales for the 2015 third quarter were $189.0
million, down 8.9% sequentially compared to $207.4 million in the
2015 second quarter and down 11.4% compared to the prior year
period. The sequential decline was primarily a result of
lower volumes. SOI demand remained robust, and sales grew for
the fourth consecutive quarter. Net sales declined
year-over-year primarily due to lower prices and, to a lesser
extent, lower volume.
Gross profit for the 2015 third quarter declined
9.4% to $21.3 million, compared to $23.5 million for the 2015
second quarter. Third quarter 2015 gross profit included a
$2.0 million non-cash pension settlement charge. Gross margin
of 11.3% was flat despite the sequential revenue decline and the
pension charge.
"Our gross margin held up well and we grew our
Adjusted EBITDA margin and cash position despite lower sequential
revenue," said Shaker Sadasivam, SunEdison Semiconductor's
President and Chief Executive Officer. "Most third party
forecasts conclude the semiconductor wafer market will be flat this
year, with growth next year. We believe we are well
positioned from a technology, customer, and product perspective to
support this growth. We remain committed to delivering
superior products, service and support to our customers, and to
generating improved returns for our shareholders in coming
quarters."
Third quarter 2015 operating loss was $68.8
million, compared to an operating loss of $5.0 million in the 2015
second quarter. Third quarter 2015 included non-cash charges
of $56.7 million related to asset impairments from the closure of
our facility in Ipoh, Malaysia, $3.9 million in other restructuring
activities and $4.8 million related to a non-cash pension
settlement charge.
Third quarter 2015 operating cash flow was $8.4
million compared to $13.5 million in the prior quarter. The
decrease was primarily influenced by changes in working
capital. Third quarter 2015 cash flows from investing
activities of $5.1 million included $29.9 million of capital
spending and a $35.0 million deposit on a pending non-core
investment asset sale. The Company ended the 2015 third
quarter with cash and cash equivalents of $90.8 million, up $12.2
million compared to the prior quarter.
Third quarter 2015 Adjusted EBITDA was $24.1
million, essentially flat compared to the prior quarter.
Third quarter 2015 Adjusted EBITDA margin was 12.8% of net sales,
up compared to 11.7% in the prior quarter. Third quarter 2015
and second quarter 2015 Adjusted EBITDA included a foreign exchange
loss of $1.7 million and $1.2 million, respectively, associated
with the re-measurement of intra-company balances and derivative
foreign currency forward contracts. Third quarter 2015
Adjusted EBITDA also excluded $4.8 million in non-cash pension
settlement charges. Please see the reconciliation and a
description of Adjusted EBITDA in the attached financial
tables.
Forward Looking Statements
Certain matters discussed in this news release
are forward-looking statements, including that we believe we are
well positioned from a technology, customer and product perspective
to contribute to semiconductor market growth in 2016. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Potential risks and uncertainties
include market demand for semiconductors and silicon wafers,
changes in the pricing environment for silicon wafers, utilization
of our manufacturing capacity and any charges we might incur to
reduce manufacturing capacity or headcount; general economic
conditions, including the ability of our customers to pay their
debts as they become due; inventory levels of our customers; supply
chain difficulties or problems; interruption of production; outcome
of pending and future litigation matters; good working order of our
manufacturing facilities; our ability to reduce manufacturing and
operating costs; assumptions underlying management’s financial
estimates; delays in capacity expansion; customer acceptance of our
new products; actions by competitors, customers and suppliers;
changes in product specifications and manufacturing processes;
changes in financial market conditions; changes in the composition
of worldwide taxable income; the impact of competitive products and
technologies; changes in interest and currency exchange rates and
other risks described in the Company's filings with the Securities
and Exchange Commission. These forward-looking statements
represent the Company's judgment as of the date of this
release. The Company disclaims, however, any intent or
obligation to update these forward-looking statements.
Conference Call
SunEdison Semiconductor will host a conference
call tomorrow, November 10, 2015, at 9:00 a.m. ET to discuss the
Company’s third quarter 2015 results. A live webcast will be
available on the Company’s web site at www.sunedisonsemi.com.
Interested investors should go to the Company's web site at
least fifteen minutes prior to the call to register and download
any necessary audio software.
A replay of the conference call will be
available from 10:30 a.m. ET on November 10, 2015, until 11:59 p.m.
ET on November 24, 2015. To access the replay, please dial
(320) 365-3844 at any time during that period, using passcode
370030. A replay will also be available on the Company’s web
site at www.sunedisonsemi.com.
About SunEdison
Semiconductor
SunEdison Semiconductor is a global leader in
the manufacture and sale of silicon wafers to the semiconductor
industry. For over 55 years, SunEdison Semiconductor has been
a pioneer in the design and development of silicon wafer
technologies. With R&D and manufacturing facilities in the
U.S., Europe, and Asia, SunEdison Semiconductor enables the next
generation of high performance semiconductor devices. SunEdison
Semiconductor’s common stock is listed on the NASDAQ OMX Global
Select Market under the symbol "SEMI."
-tables to follow-
SUNEDISON SEMICONDUCTOR LIMITED AND
SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In millions, except per share
data) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
September 30, 2015 |
|
September 30, 2014 |
Net sales to
non-affiliates |
$ |
189.0 |
|
|
$ |
207.0 |
|
|
$ |
212.4 |
|
|
$ |
595.0 |
|
|
$ |
632.8 |
|
Net sales to
affiliates |
— |
|
|
0.4 |
|
|
0.8 |
|
|
0.8 |
|
|
1.4 |
|
Cost of goods sold |
167.7 |
|
|
183.9 |
|
|
186.4 |
|
|
533.8 |
|
|
578.7 |
|
Gross
profit |
21.3 |
|
|
23.5 |
|
|
26.8 |
|
|
62.0 |
|
|
55.5 |
|
Operating expenses
(income): |
|
|
|
|
|
|
|
|
|
Marketing
and administration |
21.1 |
|
|
21.4 |
|
|
22.3 |
|
|
63.0 |
|
|
63.7 |
|
Research and
development |
8.4 |
|
|
7.3 |
|
|
8.1 |
|
|
23.8 |
|
|
26.4 |
|
Restructuring charges (reversals) |
3.9 |
|
|
(1.4 |
) |
|
0.9 |
|
|
3.7 |
|
|
(14.5 |
) |
Long-lived
asset impairment charges |
56.7 |
|
|
1.2 |
|
|
58.0 |
|
|
58.0 |
|
|
58.0 |
|
Operating loss |
(68.8 |
) |
|
(5.0 |
) |
|
(62.5 |
) |
|
(86.5 |
) |
|
(78.1 |
) |
Non-operating expenses
(income): |
|
|
|
|
|
|
|
|
|
Interest
expense |
3.6 |
|
|
3.6 |
|
|
3.8 |
|
|
10.7 |
|
|
5.5 |
|
Interest
income |
(0.1 |
) |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.3 |
) |
|
(0.4 |
) |
Interest,
net - affiliates |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
Other,
net |
0.3 |
|
|
1.2 |
|
|
2.7 |
|
|
(8.9 |
) |
|
(0.6 |
) |
Total non-operating
expense |
3.8 |
|
|
4.7 |
|
|
6.3 |
|
|
1.5 |
|
|
4.4 |
|
Loss before
income tax expense (benefit) |
(72.6 |
) |
|
(9.7 |
) |
|
(68.8 |
) |
|
(88.0 |
) |
|
(82.5 |
) |
Income tax expense
(benefit) |
7.8 |
|
|
5.1 |
|
|
10.4 |
|
|
16.2 |
|
|
(2.3 |
) |
Loss before
equity in loss of equity method investments |
(80.4 |
) |
|
(14.8 |
) |
|
(79.2 |
) |
|
(104.2 |
) |
|
(80.2 |
) |
Equity in loss of
equity method investments, net of tax |
(0.4 |
) |
|
(0.7 |
) |
|
(0.2 |
) |
|
(1.4 |
) |
|
(0.3 |
) |
Net loss |
(80.8 |
) |
|
(15.5 |
) |
|
(79.4 |
) |
|
(105.6 |
) |
|
(80.5 |
) |
Net loss attributable
to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.8 |
|
Net loss attributable
to SunEdison Semiconductor Limited shareholders |
$ |
(80.8 |
) |
|
$ |
(15.5 |
) |
|
$ |
(79.4 |
) |
|
$ |
(105.6 |
) |
|
$ |
(79.7 |
) |
Basic loss per
share |
$ |
(1.93 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.91 |
) |
|
$ |
(2.53 |
) |
|
$ |
(1.92 |
) |
Diluted loss per
share |
$ |
(1.93 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.91 |
) |
|
$ |
(2.53 |
) |
|
$ |
(1.92 |
) |
Weighted-average shares
used in computing basic loss per share |
41.9 |
|
|
41.6 |
|
|
41.5 |
|
|
41.7 |
|
|
41.5 |
|
Weighted-average shares
used in computing diluted loss per share |
41.9 |
|
|
41.6 |
|
|
41.5 |
|
|
41.7 |
|
|
41.5 |
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In
millions) |
|
|
September 30, 2015 |
|
December 31, 2014 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
90.8 |
|
|
$ |
88.2 |
|
Accounts
receivable, affiliate |
— |
|
|
4.3 |
|
Accounts
receivable, net |
100.6 |
|
|
98.6 |
|
Inventories |
103.1 |
|
|
122.1 |
|
Deferred tax
asset |
27.3 |
|
|
27.3 |
|
Prepaid and
other current assets |
31.2 |
|
|
28.3 |
|
Total
current assets |
353.0 |
|
|
368.8 |
|
Property, plant, and
equipment, net |
537.7 |
|
|
598.8 |
|
Investments |
118.7 |
|
|
130.3 |
|
Other assets |
73.1 |
|
|
86.3 |
|
Total
assets |
$ |
1,082.5 |
|
|
$ |
1,184.2 |
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Current
portion, long-term debt |
$ |
2.1 |
|
|
$ |
2.1 |
|
Short-term
borrowings |
6.7 |
|
|
— |
|
Accounts
payable, affiliate |
— |
|
|
9.4 |
|
Accounts
payable |
104.8 |
|
|
94.6 |
|
Deposit for
investment distribution |
35.0 |
|
|
— |
|
Accrued
liabilities |
49.7 |
|
|
57.6 |
|
Accrued
wages and salaries |
30.7 |
|
|
23.6 |
|
Restructuring liabilities |
8.4 |
|
|
14.0 |
|
Total
current liabilities |
237.4 |
|
|
201.3 |
|
Long-term debt, less
current portion |
203.7 |
|
|
205.0 |
|
Pension and
post-employment liabilities |
52.3 |
|
|
54.7 |
|
Restructuring
liabilities |
3.6 |
|
|
3.9 |
|
Other liabilities |
23.2 |
|
|
27.8 |
|
Total
liabilities |
520.2 |
|
|
492.7 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
Ordinary
shares |
953.2 |
|
|
943.1 |
|
Accumulated
deficit |
(184.3 |
) |
|
(78.7 |
) |
Accumulated
other comprehensive loss |
(207.8 |
) |
|
(174.1 |
) |
Total
SunEdison Semiconductor Limited shareholders' equity |
561.1 |
|
|
690.3 |
|
Noncontrolling
interests |
1.2 |
|
|
1.2 |
|
Total
shareholders' equity |
562.3 |
|
|
691.5 |
|
Total
liabilities and shareholders' equity |
$ |
1,082.5 |
|
|
$ |
1,184.2 |
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
millions) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
September 30, 2015 |
|
September 30, 2014 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(80.8 |
) |
|
$ |
(15.5 |
) |
|
$ |
(79.4 |
) |
|
$ |
(105.6 |
) |
|
$ |
(80.5 |
) |
Adjustments to reconcile net loss
to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
24.4 |
|
|
27.8 |
|
|
29.3 |
|
|
81.9 |
|
|
87.4 |
|
Long lived asset impairment
charges |
56.7 |
|
|
1.2 |
|
|
58.0 |
|
|
58.0 |
|
|
58.0 |
|
Stock-based compensation |
4.1 |
|
|
3.4 |
|
|
3.3 |
|
|
11.1 |
|
|
7.3 |
|
Provision (benefit) for deferred
taxes |
1.1 |
|
|
0.5 |
|
|
(0.6 |
) |
|
5.1 |
|
|
(31.9 |
) |
Other |
(1.2 |
) |
|
0.7 |
|
|
(2.1 |
) |
|
(0.7 |
) |
|
(2.5 |
) |
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
17.9 |
|
|
(5.7 |
) |
|
1.4 |
|
|
8.3 |
|
|
(6.7 |
) |
Inventories |
0.3 |
|
|
9.1 |
|
|
(10.3 |
) |
|
15.1 |
|
|
(7.5 |
) |
Accounts receivable, affiliate |
— |
|
|
(2.9 |
) |
|
14.2 |
|
|
(8.0 |
) |
|
(6.1 |
) |
Accounts payable, affiliate |
— |
|
|
(1.0 |
) |
|
(2.2 |
) |
|
12.4 |
|
|
(52.9 |
) |
Prepaid and other current
assets |
(1.9 |
) |
|
(1.0 |
) |
|
0.1 |
|
|
(3.3 |
) |
|
(5.6 |
) |
Accounts payable and accrued
liabilities |
(20.2 |
) |
|
7.0 |
|
|
6.9 |
|
|
(5.4 |
) |
|
12.4 |
|
Income taxes payable |
3.0 |
|
|
(2.7 |
) |
|
7.9 |
|
|
3.4 |
|
|
9.6 |
|
Pension and post-employment
liabilities |
3.9 |
|
|
(0.4 |
) |
|
(1.9 |
) |
|
3.4 |
|
|
(4.2 |
) |
Restructuring liabilities |
1.4 |
|
|
(5.7 |
) |
|
(1.9 |
) |
|
(4.9 |
) |
|
(21.9 |
) |
Other |
(0.3 |
) |
|
(1.3 |
) |
|
(1.0 |
) |
|
(14.3 |
) |
|
(14.1 |
) |
Net cash provided by (used in)
operating activities |
8.4 |
|
|
13.5 |
|
|
21.7 |
|
|
56.5 |
|
|
(59.2 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(29.9 |
) |
|
(24.1 |
) |
|
(29.4 |
) |
|
(82.8 |
) |
|
(71.3 |
) |
Notes receivable from
affiliates |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3.0 |
|
Disbursements made for notes
receivable |
— |
|
|
— |
|
|
— |
|
|
(9.1 |
) |
|
— |
|
Proceeds from deposit for
investment distribution |
35.0 |
|
|
— |
|
|
— |
|
|
35.0 |
|
|
— |
|
Other |
— |
|
|
— |
|
|
(2.9 |
) |
|
— |
|
|
(2.9 |
) |
Net cash provided by (used in)
investing activities |
5.1 |
|
|
(24.1 |
) |
|
(32.3 |
) |
|
(56.9 |
) |
|
(71.2 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Principal payments on long-term
debt |
(0.6 |
) |
|
(0.5 |
) |
|
(0.5 |
) |
|
(1.6 |
) |
|
(11.1 |
) |
Proceeds from long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
210.0 |
|
Change in ordinary shares |
(0.1 |
) |
|
(0.9 |
) |
|
— |
|
|
(1.0 |
) |
|
— |
|
Net principal payments on
short-term borrowings |
(0.6 |
) |
|
— |
|
|
— |
|
|
(0.6 |
) |
|
— |
|
Proceeds from short-term
borrowings |
— |
|
|
— |
|
|
— |
|
|
7.6 |
|
|
— |
|
Deferred financing costs and
original issuance discount |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11.9 |
) |
Net Parent investment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(179.4 |
) |
Proceeds from issuance of ordinary
shares |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
186.3 |
|
Other |
— |
|
|
(0.1 |
) |
|
— |
|
|
— |
|
|
— |
|
Net cash (used in) provided by
financing activities |
(1.3 |
) |
|
(1.5 |
) |
|
(0.5 |
) |
|
4.4 |
|
|
193.9 |
|
Effect of exchange rate changes on cash and cash
equivalents |
— |
|
|
0.1 |
|
|
(1.2 |
) |
|
(1.4 |
) |
|
(1.2 |
) |
Net increase (decrease) in cash and
cash equivalents |
12.2 |
|
|
(12.0 |
) |
|
(12.3 |
) |
|
2.6 |
|
|
62.3 |
|
Cash and cash equivalents at beginning of
period |
78.6 |
|
|
90.6 |
|
|
115.4 |
|
|
88.2 |
|
|
40.8 |
|
Cash and cash equivalents at end of period |
$ |
90.8 |
|
|
$ |
78.6 |
|
|
$ |
103.1 |
|
|
$ |
90.8 |
|
|
$ |
103.1 |
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
SUPPLEMENTAL INFORMATION |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE |
(In
millions) |
|
ADJUSTED EBITDA CALCULATION
[*] |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September
30, 2015 |
|
June 30,
2015 |
|
September 30, 2014 |
|
September 30, 2015 |
|
September 30, 2014 |
Net loss attributable
to SunEdison Semiconductor Limited shareholders |
$ |
(80.8 |
) |
|
$ |
(15.5 |
) |
|
$ |
(79.4 |
) |
|
$ |
(105.6 |
) |
|
$ |
(79.7 |
) |
Interest,
net |
3.5 |
|
|
3.5 |
|
|
3.6 |
|
|
10.4 |
|
|
5.0 |
|
Income
tax expense (benefit) |
7.8 |
|
|
5.1 |
|
|
10.4 |
|
|
16.2 |
|
|
(2.3 |
) |
Depreciation and amortization |
23.7 |
|
|
27.2 |
|
|
28.7 |
|
|
79.9 |
|
|
86.8 |
|
Restructuring charges (reversals) and other non-recurring items
(1) |
3.9 |
|
|
(1.4 |
) |
|
1.2 |
|
|
3.7 |
|
|
(14.2 |
) |
Long-lived asset impairment charges |
56.7 |
|
|
1.2 |
|
|
58.0 |
|
|
58.0 |
|
|
58.0 |
|
Stock
compensation expense |
4.1 |
|
|
3.4 |
|
|
3.3 |
|
|
11.1 |
|
|
7.3 |
|
Pension
settlement charge (2) |
4.8 |
|
|
— |
|
|
— |
|
|
4.8 |
|
|
— |
|
Equity in
loss of equity method investments |
0.4 |
|
|
0.7 |
|
|
0.2 |
|
|
1.4 |
|
|
0.3 |
|
Adjusted EBITDA [*] |
$ |
24.1 |
|
|
$ |
24.2 |
|
|
$ |
26.0 |
|
|
$ |
79.9 |
|
|
$ |
61.2 |
|
(1) For the three and nine months ended September 30, 2014, we
recognized approximately $0.3 million of securities transaction tax
related to the acquisition of approximately 35% interest in SMP,
Ltd. This is a non-recurring expense that is excluded from Adjusted
EBITDA as we do not consider this to be useful in assessing our
on-going operating performance.
(2) For the three and nine months ended September 30, 2015, we
recognized approximately $4.8 million in interim lump-sum pension
settlement charges related to our U.S. pension plan. Pension
lump-sum settlement charges is a non-cash expense that is excluded
from Adjusted EBITDA as we do not consider this to be useful in
assessing our on-going operating performance.
[*] Adjusted EBITDA is a non-GAAP financial
measure. This measurement should not be viewed as an alternative to
GAAP measures of performance. The presentation of Adjusted EBITDA
should not be construed as an inference that our future results
will be unaffected by unusual or non-recurring items.
We define Adjusted EBITDA as earnings before net interest
expense; income tax expense (benefit); depreciation and
amortization; restructuring charges (reversals); non-recurring
items; loss on sale of property, plant, and equipment; long-lived
asset impairment charges; stock compensation expense; pension
settlement charges; and equity in loss of equity method
investments. All of the omitted items are either (i) non-cash items
or (ii) items that we do not consider in assessing our on-going
operating performance. Because it omits non-cash items, we feel
that Adjusted EBITDA is less susceptible to variances in actual
performance resulting from depreciation, amortization, and other
non-cash charges and more reflective of other factors that affect
our operating performance. Because it omits the other items, we
believe Adjusted EBITDA is also more reflective of our on-going
operating performance. We believe Adjusted EBITDA is useful to
investors in evaluating our operating performance because:
- securities analysts and other interested parties use such
calculations as a measure of financial performance and debt service
capabilities, and
- it is used by our management for internal planning purposes,
including aspects of our operating budget and capital
expenditures.
Adjusted EBITDA has limitations as an analytical tool, and it
should not be considered in isolation or as a substitute for
analysis of our results as reported under GAAP. Some of these
limitations include:
- it does not reflect our cash expenditures or future
requirements for capital expenditures or contractual
commitments,
- it does not reflect changes in, or cash requirements for,
working capital,
- it does not reflect interest expense or the cash requirements
necessary to service interest or principal payments on our
outstanding debt,
- it does not reflect payments made or future requirements for
income taxes,
- it adjusts for restructuring charges (reversals), non-recurring
items, loss on sale of property, plant, and equipment, long-lived
asset impairments, and pension settlement charges which are factors
that we do not consider indicative of future performance,
- it adjusts for non-cash stock compensation expense and equity
in loss of equity method investments to more clearly reflect
comparable period-over-period cash operating performance,
- although it reflects adjustments for factors that we do not
consider indicative of future performance, we may, in the future,
incur expenses similar to the adjustments reflected in our
calculation of Adjusted EBITDA, and
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future and Adjusted EBITDA does not reflect cash
requirements for such replacements.
Investors are encouraged to evaluate each adjustment and the
reasons we consider it appropriate for supplemental analysis.
Investor & Media Contact
Chris Chaney
Director, Investor Relations & Corporate Communications
SunEdison Semiconductor Limited
cchaney@sunedisonsemi.com
+1 636 474 5226
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